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US TSYS

2-Way Flow Observed

IDR

Rupiah Continues To Tread Water

EQUITIES

E-Minis Flat On The Day

AUSSIE BONDS

AOFM Weekly Issuance Slate

CNH

Redback Hugs Tight Range

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  • INDIA: Yields lower in early trade. Bonds finished the day lower on Wednesday, 10-Year yields rose around 1bps to 6.24%. Markets look ahead to what promises to be a busy session. The RBI's will conduct its next INR 250bn GSAP purchase operation today. Bonds eligible for purchase are the 5.63% 2026, 7.17% 2028, 7.26% 2029, 7.61% 2030, 7.95% 2032. The other focus today is the domestic data docket, CPI is expected to have slowed to 5.72% in July from 6.26%, back within the RBI's target band. Industrial production is also due which is expected to have slowed to 14% in June from 29.3% in May. Trade balance data could be released as soon as today.
  • SOUTH KOREA: Futures in South Korea are mixed; the 10-Year contract is up, playing catch up with a move in US tsys, while the 3-Year contract is down slightly. On the coronavirus front South Korea reported 1,987 new cases in the past 24 hours, New cases fell back below 2,000, but the peak of the current wave of the pandemic has not yet come amid calls for tougher measures to bring virus infections under control and slow vaccinations. The pace of vaccinations is still slow with 16% of people now fully vaccinated. Finance Minister Hong was on the wires earlier saying the potential economic fallout of the fourth wave of the pandemic will be "inevitable" starting in August.
  • CHINA: The PBOC matched injections with maturities today, repo rates are mixed but within recent ranges. The overnight repo rate is down 17bps at 19288%, while the 7-day repo rate is up 23bps at 2.1312%. Futures are higher, snapping a four day losing streak, 10-year future is up 14.5ticks at 99.955. Equity markets are slightly lower. There are fears of further regulation with a statement from the State Council yesterday saying it would actively work on legislation in areas including national security, technological innovation as well as anti-monopoly to improve the legal framework and help govern the country. The CBIRC has also laid out new guidelines for cracked down on improper marketing and pricing practices in insurance technology platforms
  • INDONESIA: Yields higher today, Indonesian markets return from a holiday today. The government sold IDR 11tn of sukuk bonds at auction on Tuesday, slightly lower than the IDR 12tn target, there were IDR 51.6tn of bids received. Markets look ahead to the Central Bank announcement next week.